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National Western Life Insurance Company Message Board

bengrahamman 44 posts  |  Last Activity: Aug 19, 2014 1:15 PM Member since: Oct 15, 1998
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  • Reply to

    Some 10K notes

    by bengrahamman Aug 14, 2014 3:19 PM
    bengrahamman bengrahamman Aug 19, 2014 1:15 PM Flag

    Very possibly. Still good to see the fair value of all assets for various reasons. I was just trying to make sure my theory was correct. I recall I made an error some time ago, but I thought I was fairly careful on this.

  • bengrahamman by bengrahamman Aug 14, 2014 3:19 PM Flag

    I am still working on them, but don't expect to find much more. Have I made an addition error on my FV calculations?

    As of August 7, 2014 , the number of shares of Registrant's common stock outstanding was: Class A - 3,436,166 and Class B - 200,000. Share count has increased by 1,401 since December 31, 2013.

    Book Value is reported at historical cost, and most of NWLI’s investment assets are held to maturity, hence are reported at amortized cost, as opposed to a fair value. Book value is reported at $416.80. If assets were reported at fair value, stockholder’s equity would increase by $338,262 ($93.03 per share). This would increase book value to $509.83 per share.

  • I was looking at the late filing report, and am confused if they have till May 25th to file as they have a 5 day extension. I don't know if that is from anticipation date or from May 15 deadline. Also, because of holiday, wondering if filing can be on 5/27. Hopefully we find out soon enough.

  • Reply to

    Quarterly Summary Posted OTC

    by thegashriprock May 21, 2014 3:05 PM
    bengrahamman bengrahamman May 21, 2014 10:24 PM Flag

    I don't think the first quarter 2014 was filed yet. MJNA claimed to have filings ready for 5/20, and last I looked, still not there. They did file a correct Statement of Cash flows today, but it was for Calendar year end 2013.

  • bengrahamman bengrahamman Apr 22, 2014 10:45 PM Flag

    This is not the same as the audio segment I posted several months ago. Look for the post dated 4/22/14 on twitter, username 'rbco.'

  • Hey, I can't link here, but search twitter for 'rbco' and I discuss it for about 10 minutes or so. I start talking about it at 6:45 through ~22:00. NWLI is now our 5th largest position. Yet, I expect, but do not assure, and will certainly not alert anyone here, but I think NWLI is now a permanent holding, and no longer a candidate for repositioning. We did rely on NWLI to generate cash for some other investments. Sorry, but I am not in a position to discuss those other investments.

  • bengrahamman bengrahamman Apr 13, 2014 9:50 AM Flag

    Today you might write, "At least PHOT's management hasn't been behind bars, YET."

  • Reply to

    WHy is PHOT not Trading

    by rcranch2010 Apr 10, 2014 9:34 AM
    bengrahamman bengrahamman Apr 10, 2014 9:38 AM Flag

    from sec. It appears to the Securities and Exchange Commission that the public interest and the
    protection of investors require a suspension of trading in the securities of GrowLife, Inc.
    (“GrowLife”) because of concerns regarding the accuracy and adequacy of information in the
    marketplace and potentially manipulative transactions in GrowLife’s common stock. GrowLife
    is a Delaware corporation based in Woodland Hills, California. It is quoted on OTCBB and
    OTC Link under the symbol PHOT.
    The Commission is of the opinion that the public interest and the protection of investors
    require a suspension of trading in the securities of the above-listed company.
    THEREFORE, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange
    Act of 1934, that trading in the securities of the above-listed company is suspended for the
    period from 9:30 a.m. EDT on April 10, 2014, through 11:59 p.m. EDT on April 24, 2014.
    By the Commission.
    Kevin M. O’Neill
    Deputy Secretary

  • I got a notification today that a Form 144 was filed by a shareholder, Elizabeth Wedam files to Sell ~7.8M shares of PHOT. Expects to sell on 4/10/14. I can not find this filing anywhere other than a notification from my quote software. I have never seen them make an error, yet I just can't locate the form 144. Anyone have better insight? If anyone has access to Dow Jones News, that is the alleged source of the note. The note is dated Wed Apr 09 22:46:41 2014 EDT

  • April 8, 2014 ($0.253)



    Notes to article in April 14th issue of Forbes, titled “High Times – Inside the Marijuana Stock Boom.”



    1.Bruce Perlowin spent 9 years in prison for drug smuggling. He subsequently started a pink sheets company, and in 2009 renamed it to #$%$ Inc.” He was also issued 40M shares by the board.



    2.In 2011 #$%$ Inc. (MJNA) sold a huge stake to Hemp Deposit and Distribution Corp., by issuing 260M shares. This company was run by Michael Llamas. Llamas became MJNA’s president. Forbes alleges that assets began moving around between the companies Llamas ran, “creating an appearance of progress.” Forbes cites an example of MJNA acquired a HEMP company called Phytosphere.



    3.Forbes went on to describe the joint venture with Dixie Elixirs and Edibles, a Colorado regulated manufacturer of #$%$ infused products. Vincent “Tripp” Keber was the man behind Dixie. Keeber was arrested for marijuana possession in Alabama during 2013.



    4.Michael Mona Jr. of CannaVest (CANV) joined the board of MJNA, “taking a stake in the company and sat on the committee to oversee the Dixie joint venture.



    5.September 2012 Llamas (see 2. Above)was indicted by a federal grand jury. He pled not guilty, and resigned from MJNA board.



    6.Shortly after September 2012, Mona Jr. left MJNA board. He became president of Cannavest. Cannavest was created by Bart Mackay, which Forbes describes as “Las Vegas lawyer Bart Mackay is the first pot stock billionaire. On paper, at least.” Forbes claims that Mackay’s share purchases were funded by a Florida Physiotherapist named “Stuart Titus.” Titus appears to be linked in the legal #$%$ field.



    7.Cannavest then bought the assets of Phytosphere from MJNA and Hemp Deposit for $35M in cash or stock. Forbes asked, “Follow all this?” Dixie alleges that Mona referred to this being a shell game. Forbes claims that Dixie wrote to Mona, “I request you not say this again.”



    8.Forbes claims that in Colorado, all marijuana has to grow and sell their product in state. Forbes claims for this reason, MJNA carefully structured its JV with Dixie, so that it doesn’t actually do anything with marijuana. Forbes seems to allude that hemp is used instead. Forbes claims that hemp has only trace amounts of THC. THC is marijuana’s psychoactive ingredient.



    9.Forbes goes on to talk how Titus and Mackay sold lots of insider shares. Forbes claims they pocketed $7M. Forbes was told that Mona’s son owns 1.25M shares of CANV.



    10.Perlowin sold his shares of MJNA for $5M.



    11.Perlowin now runs Hemp Inc. (HEMP).



    My interpretation of the article is that there were some old skeletons in the closet. Yet, the author does not really discuss the respective companies, or MJNA as to how they operate. Yet, I found the information useful in my research, and certainly will keep one eye open, and know to watch my wallet for pickpockets. It will also be interesting to read reactions to the article.





    March 28, 2014 ($0.2625 Intra-day) - Review of 2013 Annual Report



    Shares outstanding increased by 900K tot 948,507,961, capped at 950M. Market capitalization is $249M.



    Cash decreased from $2M at 10/31/13 to $481K at 12/31/13.



    Other assets changed a bit, some increased, some decreased, net assets increased by $1.3M.



    Loans payable increased to HDDC with total now at $1.3M



    Total equity increased by $1,256,572.



    Quarterly revenues were reported at $1,435,720, yet total annual revenues are reported at $5,059,924. This does not make sense as last periods revenues were $604,417.



    Net Income for year was $24,611,419. This included extraordinary items of $36,500,000. Net Operating Income was $211,419.



    Cash Flow Statement shows use of cash of $7K.



    Hempmeds is the large sales generator. Hempmeds was 80% owned on October 31, 2013 and at year end December 31, 2013.



    All ownerships are the same as October 31, 2013 report except for Hemp Vap, which is new and a 50% ownership.

  • bengrahamman by bengrahamman Apr 8, 2014 3:37 PM Flag

    Michael James is CFO.

    Shares outstanding of 233,802,141 (includes converts), hence a market capitalization of $168.34M. Well respected analyst casually estimates potentially 300M share count.

    CPA firm is Tarvaran, Askelson and Company. There is not a going concern opinion in the letter.

    Going Concern: In the footnotes there is a going concern issue under significant accounting policies.

    “The Company’s future success is dependent upon its ability to achieve profitable operations and generate cash from operating activities, and upon additional financing. Management believes they can raise the appropriate funds needed to support their business plan and develop an operating company which is cash flow positive.

    However, the Company has incurred net losses for the year ended December 31, 2013 and has accumulated a deficit of approximately $14.8 million at December 31, 2013. The Company has not been able to generate sufficient cash from operating activities to fund its ongoing operations. There is no guarantee that the Company will be able to generate enough revenue and/or raise capital to support its operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

    The condensed financial statements do not include any adjustments relating to the recoverability or classification of recorded assets and liabilities that might result should the Company be unable to continue as a going concern.”

    Balance Sheet - Current Assets $243K, Current Liabilities $3.96M. There is a non-current asset, labeled as “Deposit” of $3.6M. Included in Current Liabilities is a “derivative liability” of $1.381M. There is no disclosure on this derivative liability.

    The $3.6M deposit was for the purchase of a greenhouse and farm.

    Revenues of $2.125M. Current revenues are irrelevant to market capitalization. Question is, will there be eventual hyper growth to warrant current or greater market cap?

    Company is using diluted shares of 99M. Question if that includes converts which are included in derivative liability.

    Statement of Cash Flows also irrelevant to market cap. Question is survival more than fundamentals at this point. There is a lot of stock being issued instead of paying in cash. Not necessarily a bad thing, as long as revenues and balance sheet grows and survives.

    Notes Payable:

    12% note to accredited investor for $150K coming due July 15, 2014. Convertible by holder.

    Unsecured 4% promissory demand note is to an accredited investor.

    Lots of other notes due or coming due, all to accredited investors.

    I find the disclosure to be lacking. The auditor gave an unqualified opinion, yet mentioned a going concern issue in the footnotes. This is a well thought of company, yet their financials, just like others in the industry certainly are the financials of a company that could declare bankruptcy any day. I am not implying a forthcoming bankruptcy or reorganization. Yet, it is certainly possible based on their current ratio and debt if not converted.

  • This is the same post as above, yet I refined it and added to it as the day went on. I forgot to include my quick 10-K discussion above, and I got a touch more clarity on Rob Hunt.

    Growlife Inc. (PHOT)

    As I have posted several times previously, I have been investigating the legal marijuana industry. This is an unusual industry, filled with public companies, often listed on the OTC BB, and filings are typically scant. In my 22 years as a professional investor, I have never experienced such an array of companies that have little asset base or anything other than a grand idea as to the thesis of investing in them. Here is an example of Growlife Inc.(PHOT), a company which claims to be in the marijuana industry.

    Growlife Inc. (PHOT) has a 52 week high of $0.7777, a low of $0.0042, and a current price of $0.6110.

    April 1, 2014

    I got a notification today that a Form 144 was filed by Director Hunt files to Sell 3M shares of PHOT Expects to sell on 4/15/14. I can not find this filing anywhere other than a notification from my quote software. I have never seen them make an error, yet I just can't locate the form 144. Anyone have better insight? If anyone has access to Dow Jones News, that is the alleged source of the note. The note is dated March 31, 2014 at 22:30:11 EDT.

    On another note, after reading the 10K, I found it terribly ugly and sold all of our client shares at $0.61. We sold 186K shares, which had a basis of $0.37 per share. I will keep an open mind, look to re-evaluate, but did not want to take the risks.

    We also eliminated FULL several days ago, as I was concerned with their situation with CANN. Often BDC's will trade well below NAV, and this is another one I just didn't want to partake in.

    My analysis could be real incorrect, and if I find such, I might go back in. Do your own DD, and this post is merely information only and not a solicitation or recommendation to sell, buy or hold shares in any company mentioned in this post.

    Seeking Alpha (SA) had a bullish article written on April 1, 2014, comparing PHOT to AMZN. Here are my questions to the author.

    Would anyone care to comment on my questions and comments to SA writer Mr. Bond. I enjoyed the piece, but would like to hear his and others here views. Mr. Bond,

    I have been thinking about your article and have some questions or comments. If you have the inclination, would like to hear your responses.

    1. Amazon never had a going concern issue as a public company. Their current assets were always greater than their current liabilities.

    2. A company can survive with all its products, technologies and key people, even if there is a bankruptcy. Why don't you think that PHOT is a near term bankruptcy candidate? They really do have a #$%$ balance sheet as reported. Granted, that was 3 months ago, and perhaps the balance sheet has firmed up? To me it looks like PHOT could use a reorganization, with that , they would get rid of the debts, keep some cash, clean slate, shareholders then would own worthless stock, and a new company (newco) would be formed, with new shareholders.

    3. Would your views change at all if we did find out that Rob Hunt filed a form 144 to sell 3m shares? Here is what I wrote earlier, "I got a notification today that a Form 144 was filed by Director Hunt files to Sell 3M shares of PHOT Expects to sell on 4/15/14. I can not find this filing anywhere other than a notification from my quote software. I have never seen them make an error, yet I just can't locate the form 144. Anyone have better insight? If anyone has access to Dow Jones News, that is the alleged source of the note. The note is dated March 31, 2014 at 22:30:11 EDT."

    4. What are your thoughts on the derivative liability of $9M?

    April 2, 2014

    I contacted IR with the following: "Would you please let me know if a 144 was filed for Rob Hunt. I had the story on my news feed, but couldn't locate any 144's with SEC. Do you know status? Is sale to occur 4/15/14, or did it already occur?"

    This was their response, "I'm told by management that if a 144 is filed on behalf of any affiliated party the market will learn about it in due course and per SEC guidelines."

    The above was via email. I called, and was told that was all they could disclose. I mentioned that I clearly saw the feed from Dow Jones News, and that it is also listed in the news with Schwab accounts, and if he could comment. He mentioned that was all he knew, except that often the SEC lags notification in the 144 filings.

    There was a Form 5 filed on March 28, 2014, in regards to Rob Hunt and others, whereas they disclosed options granted during June 2013. In Hunt's case, this was 12M shares with an option to buy at $0.043. This reporting seems a bit late. (Thanks TP for clueing me to this info!).

    PHOT - Growlife - Initial 10K notes 12/31/13

    Shares outstanding per December 31, 2014 10-K is 806,090,859. Using closing price of $0.5795, market capitalization is $467M.

    45 employees as of March 31, 2014.

    $9M of derivative liability.

    Going concern issue by accountants at 12/31/13. Current liabilities of $10M+, compared to Current assets of $3.3M. How the heck can they survive out of that?

    Auditorâ#$%$™s are Anton and Chia LLP. "These conditions, among others, give rise to substantial doubt about our ability to continue as a going concern. Management is continuing to seek additional equity capital to fund the acquisition or to purchase an ongoing business. Until such time, we anticipate our working capital needs will be funded through notes from our major stockholders."

    This note is not a recommendation or solicitation to buy, sell, hold or anything other than a sharing of information I believe to be accurate. We are not responsible for any errors which might be in my quick analysis of VAPE or any company within this industry.

    My analysis could be real incorrect, and if I find such, I might go back in. Do your own DD, and this post is merely information only and not a solicitation or recommendation to sell, buy or hold shares in any company mentioned in this post.

  • Reply to

    Questions to SA author comparing PHOT to AMZN

    by bengrahamman Apr 2, 2014 8:12 AM
    bengrahamman bengrahamman Apr 2, 2014 9:23 AM Flag

    If you look at AMZN's initial filings you will see they had cash and marketable securities from the IPO well in excess of their current and total liabilities. Unlike PHOT, AMZN never had a going concern opinion from their auditors. I remember it well, I invested in AMZN a month after they went public.

    You ask, why consider bankruptcy with such great resources? Because, they might not be able to exist in their current condition. They could keep all of their resources, work deals with vendors, employees and key people, and just BK the shareholders.

    Rob Hunt selling shares, first we need confirmation, second , make your own judgment whether he sees BK or just getting some cash. Is it a cash flow decision, or getting out while he still can?

    I believe in the industry for sure, just not so sure about any of the current players.

  • Reply to

    Questions to SA author comparing PHOT to AMZN

    by bengrahamman Apr 2, 2014 8:12 AM
    bengrahamman bengrahamman Apr 2, 2014 9:18 AM Flag

    Well, your first statement is incorrect. What assets would Amazon have had that were greater than their liabilities?

  • Here are my questions to the SA author, Jason Bond, which I hope he will answer.

    1. Amazon never had a going concern issue as a public company. Their current assets were always greater than their current liabilities.

    2. A company can survive with all its products, technologies and key people, even if there is a bankruptcy. Why don't you think that PHOT is a near term bankruptcy candidate? They really do have a #$%$ balance sheet as reported. Granted, that was 3 months ago, and perhaps the balance sheet has firmed up? To me it looks like PHOT could use a reorganization, with that , they would get rid of the debts, keep some cash, clean slate, shareholders then would own worthless stock, and a new company (newco) would be formed, with new shareholders.

    3. Would your views change at all if we did find out that Rob Hunt filed a form 144 to sell 3m shares? Here is what I wrote earlier, "I got a notification today that a Form 144 was filed by Director Hunt files to Sell 3M shares of PHOT Expects to sell on 4/15/14. I can not find this filing anywhere other than a notification from my quote software. I have never seen them make an error, yet I just can't locate the form 144. Anyone have better insight? If anyone has access to Dow Jones News, that is the alleged source of the note. The note is dated March 31, 2014 at 22:30:11 EDT." Note: I emailed the company asking for confirmation on this.

    4. What are your thoughts on the derivative liability of $9M?

  • bengrahamman bengrahamman Apr 1, 2014 12:37 PM Flag

    My point being is merely sharing of information I gathered, and see if anyone can confirm it. BTW, Buffett has never sold a share of Berkshire.

  • I got a notification today that a Form 144 was filed by Director Hunt files to Sell 3M shares of PHOT Expects to sell on 4/15/14. I can not find this filing anywhere other than a notification from my quote software. I have never seen them make an error, yet I just can't locate the form 144. Anyone have better insight? If anyone has access to Dow Jones News, that is the alleged source of the note. The note is dated March 31, 2014 at 22:30:11 EDT.

  • bengrahamman by bengrahamman Apr 1, 2014 9:33 AM Flag

    Initial 10K notes on PHOT

    Shares outstanding per December 31, 2014 10-K is 806,090,859. Using closing price of $0.5795, market capitalization is $467M.

    45 employees as of March 31, 2014.

    $9M of derivative liability.

    Going concern issue by accountants at 12/31/13. Current liabilities of $10M+, compared to Current assets of $3.3M. How the heck can they survive out of that?

    Auditor’s are Anton and Chia LLP.

    "These conditions, among others, give rise to substantial doubt about our ability to continue as a going concern. Management is continuing to seek additional equity capital
    to fund the acquisition or to purchase an ongoing business. Until such time, we anticipate our working capital needs will be funded through notes from our major stockholders."

  • Reply to

    Check Out the Major Holder

    by richardellman Mar 30, 2014 4:35 PM
    bengrahamman bengrahamman Mar 31, 2014 7:11 AM Flag

    Geduld is listed as owning the shares. C/O Cougar Capital. Do you have information contrary to that? I don't think so.

  • Reply to

    Check Out the Major Holder

    by richardellman Mar 30, 2014 4:35 PM
    bengrahamman bengrahamman Mar 30, 2014 5:50 PM Flag

    He manages $148M. His fund has 339 positions. He only owns 10K shares of VAPE. I think that potentially inverts your thesis.

NWLI
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